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制造成长周报(第15期):Figure机器人完成连续20H产线轮班,宇树机器人完成720度回旋踢
Guoxin Securities·2025-05-29 10:45

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [4] Core Views - The humanoid robot sector is experiencing significant advancements, with companies like Figure achieving a milestone by completing a 20-hour continuous operation on a production line, indicating rapid commercialization progress [2][17] - AI infrastructure is expected to see sustained capital expenditure growth driven by increasing demand for data centers, benefiting companies involved in gas turbines and chillers [3] - The low-altitude economy is advancing quickly, with a reported 74.2% increase in the value added by the smart drone manufacturing industry in April [25] Summary by Sections Industry Dynamics - Humanoid robots are gaining traction, with notable developments such as the release of TRON 1 by ZhiJi Power and the successful operation of Figure robots in industrial settings [1][15][17] - AI infrastructure investments are on the rise, with Nvidia planning a 1.4GW data center in France and Alibaba committing to a global cloud computing network [23][24] Company Dynamics - Companies like Jingye Intelligent and Xiaopeng Motors are making strides in the humanoid robot space, with Xiaopeng planning to launch humanoid robots for industrial applications by 2026 [29][30] - ZheJiang RongTai is investing 20 million yuan to establish a wholly-owned subsidiary to advance its robotics business [31] Key Companies and Investment Outlook - The report highlights key companies such as Longxi Co., JinDi Co., YiRui Technology, and YingLiu Co. as potential investment targets, emphasizing the importance of selecting suppliers with strong market positions [3] - Specific segments within the humanoid robot supply chain are identified for investment, including joint modules, dexterous hands, and sensors, with companies like HengLi Hydraulic and LeiSai Intelligent being noted for their potential [3] Market Performance - The report includes a performance review of key companies, indicating fluctuations in stock prices and market trends, with companies like Longxi Co. showing significant year-to-date growth of 164.15% [14][35]